U.S. Congress - S.3208 Reinvesting in U.S. Territories, Not Corporations Act
S.3208 - Reinvesting in U.S. Territories, Not Corporations Act
A bill to amend the Internal Revenue Code of 1986 to provide a special rule for allocating the cover over of distilled spirits taxes between Puerto Rico and the Virgin Islands. view all titles (2)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code of 1986 to provide a special rule for allocating the cover over of distilled spirits taxes between Puerto Rico and the Virgin Islands. as introduced.
- Short: Reinvesting in U.S. Territories, Not Corporations Act as introduced.
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Official Summary
4/15/2010--Introduced.Reinvesting in U.S. Territories, Not Corporations Act - Amends the Internal Revenue Code to reduce the amount of distilled spirits excise tax revenue returned (covered over) to the treasuries of Puerto Rico or the Virgin Islands by the amount of any unreasonable and eOfficial Summary
4/15/2010--Introduced.Reinvesting in U.S. Territories, Not Corporations Act - Amends the Internal Revenue Code to reduce the amount of distilled spirits excise tax revenue returned (covered over) to the treasuries of Puerto Rico or the Virgin Islands by the amount of any unreasonable and excessive rum subsidy paid or incurred by either jurisdiction in an applicable calendar year. Defines "unreasonable and excessive rum subsidy" as the excess, if any, of the aggregate amount of direct and indirect government assistance paid to producers of distilled spirits in Puerto Rico or the Virginia Islands over 10% of the amounts covered over into the treasuries of such jurisdictions in a calendar year....Read the Rest
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